The Armenian National Assembly dominated by the ruling Republican Party of Armenia on Tuesday voted 68 to 11, with 23 abstentions, to pass a bill that dramatically cuts the corporate profit tax rates for large exporters.

Armenia’s gross domestic product (GDP) in 2014 grew by 3.4 percent, which is below the target of the government announced at the beginning of the year and by 0.1 percentage point less than in 2013. This, however, was predictable as during the year both the government and international financial institutions lowered their forecasts.